Nasdaq Makes Its Move

Nasdaq (NDAQ Quote) is staking its claim in the global exchange gold rush.

Just months after its efforts to buy the London Stock Exchange fell apart, Nasdaq agreed Friday to buy the OMX, an operator of stock exchanges across Europe. The deal puts Nasdaq back on the worldwide exchange map just as its rivals are consolidating their power.

OMX operates stock exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga and Vilnius.

The transaction calls for Nasdaq to pay 208.10 kroner per share for OMX, valuing the Nordic exchange at $3.7 billion. Combined, the exchanges will have a market cap of roughly $7.1 billion.

Nasdaq Chief Executive Bob Greifeld will become CEO of the combined company, while OMX CEO Magnus Bocker will serve as president.

"This combination provides our organizations with the ability to grow and accelerate the global flow of equity capital," Greifeld said in a statement. "At the same time, it provides us with an excellent platform for further expansion into derivatives and other asset classes. Our organizations bring together very complementary businesses, and we see many new opportunities for growth in an era of unprecedented change and development for exchanges.''

Like the Nasdaq, the OMX is looking for "a better listings presence," says Jamie Selway, a managing director at White Cap Trading in New York. "The two exchanges are culturally kind of similar -- and both share an interest in the LSE."